UK oil giant BP to hand shareholders $7 billion this year by buying back stock even as profit falls

U.K.-based oil giant BP PLC said it will reward shareholders to the tune of $7 billion this year through the purchase of its own stock, even as it reported a near 30% decline in profits in the first half of 2024. In a statement Tuesday, BP said its underlying replacement cost profit — the industry standard that strips out one-off items — fell to $5.5 billion against last year’s $7.6 billion, largely on the back of lower earnings from its refining business. Critics say BP is not doing enough in the battle against climate change, prioritizing high-carbon activities, while relegating its green investments.